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This is a normal market? I just read that in one of my blogs..

I hope this isn't a normal market as I am seeing a lot of good people losing their jobs.

I see over 170 mortgage compnies not doing loans since Sept. 2006

I have seen Title companies that have been in business over 30 years close their doors.

I am seeing alot of Realtors going under or getting a second job.

I see more and more garage sales.

I am seeing companies downsize to the bare minimum.

I see building permits at an all time low.

Major companies are struggling to keep their employees working in the construction field.

I have talked with sub contractors and contractors that have never in 30 years seen it this bad.

There is a lot of inventory out there. But with that kind of inventory how can the market be down 70 % in some cases if it is a normal market?

What is next?

Posted by Ken Nimmo on 11/03/2007 09:29 AM

Comments (9)

realtor, market, mortgage, contractors, construction, homes, crash, loans, new homes, building

Post is included in group: Prescott

9 Comments on This is a normal market? I just read that in one of my blogs..

NOV

2007

It is the market it is. Slow, not a lot of demand, that's all part of it. But it is the only market we have right now. We're at one end of a cycle, soon enough to start going back the other way. In the meantime we get to position ourselves, remain as upbeat as possible, and best make ready for the rebound when it comes.

best

I have been licensed since 1979 and I find this market very challenging. The economy is good, rates are great, yetsales are down

We had record years 2000-2005 in Central Ohio, Worthington, Columbus and Clintonville. You can't keep breaking records every year, there has to be a re-action to every action

Dent stated it well in his book " the roaring 2000"s" ( I may have the title wrong) I suggest you google Dent and read a few of his works. it helps explain what happened and what is happening!

We are seeing the same thing here in Florida. One of my favorite title companies just closed their doors about a month ago and I have a feeling their not the last. We also have record inventory and people are dropping prices left and right to compete. I hope this doesn't last more then 2 years.

Ken,

Don't be part of the problem - try to be part of the solution. If we keep going telling people that the sky is falling it will be our own demise. I have about three to four people sitting on the fence waiting to see it the market has reached the bottom before they buy. I'm sure a few Realtors have the same situation. There is enough doom and gloom messages out there, we need more positive messages to get those people off the fence and into the market, which in turn really will help the market and the economy. So as a member of our profession Ken, help us out.

Thanks

My Dad has said we've been in a recession since the 1970s. Yet, kids are buying $150 shoes? I don't know?

I am not trying to be part of the problem. I am looking at the market and trying to figure out a way to be upbeat. But if I tell my clients things are grand trust me am I doing my client justice.

Sellers are going to have to drop prices if they want to sell. That doesn't mean it will sell but it has to happen.

I am a positive person and try to look at the better side of things. But I see my friends dropping like flies.

I to have got a second job. I try to always be proactive. losing deal after deal because the lenders close their doors is killing our buyers. Their afraid..

The market will be up and down, if you want to survive, you have to figure out how to stand out from all the other realtors. But most of all you have to be positive.

Attitude is a major forse. I have a great one as I just keep on plugging away and never give up.

We have a ethical duty to be truthful to our clients and give the best advice we can. Telling our clients that the market is great violates that.

NOV

2007

There was an over inflated market with everyone trying to jump in and make a quick buck. A down turn was expected, and now it is here, sad as it may be for the innocents. Good ridance to some of the get rich quick real estate agents and builders I say! I am trying to get a more positive take on things and look for some of the good that may come out of this in the long run.

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